Bitcoin Gold rallied slightly during the trading session on Tuesday, reaching towards the $250 handle. That’s an area that will cause a slight amount of resistance, but I think we are more likely to go toward to the upside, perhaps reaching towards the $300 level after that. I think that short-term pullback should be buying opportunities, and I think that given enough time they will attract more buyers. Bitcoin Gold continues to show signs of billing a base, aiming towards the $300 level. If we can break above there, the market should continue to go much higher to the upside, perhaps aiming for the $400 level next, with several stops along the way. If we were to break down from here, perhaps down below the $230 level, then the market goes to the $200 level.
Bitcoin Gold DASH and Monero Video 03.01.18
DASH rally during the trading session on Tuesday, testing the $1120 level, an area that has been minor resistance. I think that given enough time, the market will go looking towards the top of the recent consolidation area, which is the $1200 level. That is a massive resistance barrier, so breaking above there would be an extraordinarily bullish sign. In the meantime, if we pull back from here I think that there are plenty of support of levels underneath. The $1000 level underneath should be supportive based upon the larger number. I also recognize that there is a certain amount of structural support there as well, so I’m a buyer of dips and I believe that we will continue to see DASH go higher over the longer term.
Monero has had a volatile session, initially falling towards the $320 level, touching the bottom of the Bollinger bands indicator on the hourly chart. We turned around to form a couple of hammers in a row, and have since rallied towards the $360 handle. I think that short-term pullbacks continue to be buying opportunities, and that we should go to the $400 level in the short term. The 20 SMA is starting to turn upwards, which is always a good sign, and I think at this point as volume picks up after the holidays, more buyers will emerge in the Monero markets. Shorting isn’t much of a thought, least not until we break down below the $300 level, something that I don’t see happening today.